The biggest companies in the world have recognized the potential of cryptocurrency. We already about Elon Musk’s inclination towards Bitcoin or Meta’s future plans to launch their crypto. Currently, every big enterprise wants to be an early investor in blockchain technology. Because they all know it would be a game-changer in our future financial landscape. Moreover, the trend isn’t just limited to global tech giants.
Our Indian biggies have also expressed interest in cryptocurrency. A living example of it is the JioCoin. As the name explains, none other than Mukesh Ambani’s Reliance has launched this coin. So what exactly is Jio coin and what does it intend to achieve? Well, the company hasn’t revealed any future plans with it. However, it’s clear that Reliance to an early adapter of cryptocurrency. But is it like the other cryptocurrencies like Bitcoin or Ethereum?
JioCoin is a blockchain-based reward token released under the Blockchain-Based Reward Programme (BBRP) by Reliance Jio platform. It is used to reward the platform users. Users can earn these reward tokens by taking part in various engagement-driven activities across all JIO platforms.
Will it be profitable for users and investors? Will it attain sky-high prices in the future? To be sure about the answer, let’s go through the details officially disclosed so far.
Here’s What We Know About JioCoin
JioCoin is a blockchain-based reward token but it’s not fully open-source like Bitcoin and others. On the contrary, this asset will work only within the Jio ecosystem right now. The Jio team has designed it to reward users for using Reliance products. Users get rewarded with Jio coins when they use the JioSphere browser. Some experts have suggested that Reliance may expand it to other platforms like MyJio, JioMart, and Jio Cinema.
Currently limited to the JioSphere, the coin isn’t available on crypto exchanges for investment. In fact, the creators may have to make some changes in the coin to do that. Right now, the coin doesn’t function like a typical cryptocurrency. It just works like a reward for encouraging people to use Reliance products. Also, it works under a central authority and favours the growth of the organization.
But that doesn’t mean that it won’t change its track in the future. Notably, Reliance partnered with Polygon Labs to create this token. They have built it on Ethereum Layer 2. One can surmise that the makers want the coin to be future-ready. However, this is a conjecture again unless Reliance gives an official statement on that. But the coin has already started making buzz in the markets. Investors are already keen to get a piece of it and expect great things out of it.
Many are saying that it could make early investors millionaires just like Bitcoin did. So let’s look at the current aspects that make Jio coin interesting.
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Jio and Polygon Partnership
On January 15 2025 Jio Platforms Limited (JPL) and Polygon Labs announced a partnership to integrate blockchain technology and Web3 into Jio’s digital services. The partnerships aim to boost the user experience for the Jio platform users.
Jio Platforms Ltd. (JPL) is a subsidiary of Reliance Industries Limited and Polygon Labs is the developer arm of Polygon Protocols. Through this collaboration, Polygon will utilize its blockchain solutions to provide Web3 services for Jio’s 450+ million customer base.
Polygon co-founder Sandeep Nailwal highlights the significance of this partnership. He stated that Web3 technologies can enhance the digital experience of users, making it more personalized, rewarding and faster to distribute securely. Moreover, this integration will not be so expensive.
Through this partnership, polygon provides advantages of Web3 to Jio’s vast user base. Additionally, it will provide more privacy and control over the user’s data and also provide a new rewarding system most importantly there is no need for complex infrastructure to implement all this.
The Existing Way of Buying Jio Coin
JioSphere Web Browser
There’s no need for users to buy it with money, they just need to continue browsing. They’ll have to use Reliance products like Jio Cinema or JioMart only through JioSphere. The platform will keep adding coins to their account.
As mentioned above, Jio coin may be available on other Reliance entertainment and utility platforms. The experts suggest that users should keep a close eye on all Jio platforms. Also, it could become available to buy/sell on crypto trading platforms in the future. Furthermore, if the coin becomes highly popular, some third-party vendors may also jump in as mediators.
How To Earn JioCoins?
Users can earn JioCoins for free by a straightforward process. Here’s a step-by-step guide on how to start earning JioCoins:
Creating an Account
The first step is to download JioSphere from the Google Play Store or Apple App Store. After downloading the official app users have to create a JioCoin wallet within the app. After this users have to complete the sign-up process in the JioSphere browser app.
After filling in all the important information and creating an account on the platform app will create a JioCoin wallet within the app where users can manage their digital assets.
Engage with the Platform App
Now you have your Jio account and wallet you are ready to earn JioCoins. To earn you have to participate in various platform activities such as browsing the web services, reading content, or playing, and watching videos, and games via the JioSphere browser. In addition to this users can earn JioCoin through other Jio apps such as JioMart MyJio, and JioCinema app.
Redeem Your JioCoins
As you increase the engagement on the platform you will earn more tokens. Earned tokens will be directly credited to their wallet. Once you have the required Jio token you can redeem various goods and services. Through these tokens users can purchase JioFiber subscriptions, mobile recharges and many more. The Jio team has announced that they will give more updates on the whole process shortly.
Jio Coin Impacts On Polygon
The collaboration between Jio and Polygon has various impacts on the crypto and telecom space. This partnership gives more exposure to the polygon ecosystem. As India’s largest corporation is partnering with Polygon it will get more partnerships with other corporate giants.
The JioCoin could increase the transaction volume on the polygon if it gets the expected buzz. Besides all this, it could increase the polygon user base. In addition to this, the market capitalization and token price of Polygon could also surge due to its blockchain uses and increased transactions.
Implications for the Indian Cryptocurrency space
The launch of JioCoin has a greater impact on the Indian crypto space. Currently, crypto gains are taxed at 30% in India, along with a 1% tax deduction at source (TDS). with an industry leader like Reliance entering in crypto sector, it could push regulators to establish a clear regulatory framework for the sector. Industry experts believe Jio can positively impact the crypto adoption in India similar to Bhutan and El Salvador.
Moreover, Jio’s entry into crypto could increase the sector’s user base. More people will be influenced to take part in cryptocurrencies and blockchain. Reliance Jio could be a catalyst for making crypto mainstream in India.
JioCoin’s Future Prediction
Using the efficient and efficient Polygon network, Jio coin can achieve many things as it grows. The biggest factor working in factor Jio coin is Reliance’s huge user base. From telecom to petroleum, this company set foot in various sectors. It could definitely leverage this wide outreach to popularize its first digital asset. The reward-based model could make things even easier and faster. Considering the current state of crypto, hoping positive things out of Jio coin won’t be very inaccurate.
Still, one can’t be too sure about the time or exact strategy that it would take. Also, it could be too soon to anticipate advancement this year or the next. Some suggest that solid progress will be seen by 2030.
Final Thoughts
The rise of Jio coin won’t just be limited to one company or some people. It would definitely incite a great number of people in India to invest in cryptocurrency and explore the world of blockchain. It could even start a movement of Indian digital assets. Most of all, such coins will make blockchain technology more common in this country. No matter when it happens, it will surely bring some unprecedented changes.
